Banks increasingly invest in their Internet services

Thu, Jun 03, 2004 09:20 CET

Banks increasingly invest in their Internet services
Cybercom Group's annual bank survey results show that SkandiaBanken is
ranked as Sweden's best Internet bank - for the second consecutive year.
The banks plan to invest even more in Internet services development.
According to the Cybercom Group's annual survey regarding Internet bank
services (private parties), SkandiaBanken is ranked as Sweden's best
Internet bank.
"SkandiaBanken has well-developed account and payment services, which is
something that customers really appreciate," says Björn Julin, business
developer within the Cybercom Group's Financial Services business area.
SEB ranked second in the survey - followed by FöreningsSparbanken, which
once again maintained its position as the largest Swedish Internet bank,
with 1.6 million connected customers (private). Compared to last year's
survey results, Nordea, Danske Bank and Länsförsäkringar made the most
service-offering improvements.
While new service development crept along last year, larger investments
are expected.
"2003 was an in-between year for development of key customer functions,"
says Julin. "Many banks perceived Internet services as an office
assistant. Now we're seeing interest in new service development and in
moving back-office procedures onto the Web."
Above all, customers value simplicity - followed by availability. And
they value key functions and features such as payment, accounts and
total content on the Web site.
An increasing number of Sweden's residents use the Internet to do their
banking. In May 2004, a total of 5.1 million persons had Internet bank
connections - a 13% increase compared to the 2003 survey results.
The leading Internet banks have many good account and payment services.
But there's plenty of room for improvement. Only a few banks give
customers opportunities to electronically receive annual account
statements, which facilitate faster information processing, reduce paper
pushing, and lower costs. Customers and banks would also benefit from
having power of attorney and disposition rights managed directly from
the Internet banks.
Becoming an Internet bank customer should be possible in real time.
"Not one bank offered this opportunity via the Web, which is
remarkable," says Julin. "New-customer
processing time took between four and seven days. And in all instances,
except one, applicants were forced to visit a branch office or a
distributor for the national postal service."
Internet bank ratings (the highest possible rating is given an arbitrary
value of 1000).
SkandiaBanken 692
SEB 665
FöreningsSparbanken 633
Danske Bank (Swedish branch) 594
Nordea 571
Länsförsäkringar 472
Niche banks' results are not reported separately because they are not
total-service banks.
Find out more, contact:
Björn Julin, business developer, Financial Services, Cybercom Group
Europe.
Phone: +46 709 313 224. bjorn.julin@cybercomgroup.com
Survey implementation:
The survey was run during the spring. It consisted of two parts: (1) a
customer survey; 10,000 customers responded and (2) a bank survey; these
banks responded: Danske Bank (in Sweden), FöreningsSparbanken, ICA
Banken, Ikanobanken, Länsförsäkringar, Nordea, SEB and SkandiaBanken.
For various reasons, these banks declined to participate in the survey:
Handelsbanken, Stadshypotek Bank, Sparbanken Finn and Sparbanken Gripen.
Survey results will be available at www.cybercomgroup.com
About Cybercom
Cybercom is an IT consulting company that focuses on developing and
strengthening its customers' operations by delivering IT solutions that
generate more business for its customers. The company offers expertise
primarily in telecom and finance. Cybercom was launched in 1995; since
1999, it has been quoted on the Stockholm stock exchange's O list
(Stockholmsbörsen). The company is financially sound; it currently
employs about 360 people (an average of 13 years' consulting
experience), who in a creative, stimulating milieu, add value in the
form of professionalism, experience, customer relations, and the results
that they deliver. Cybercom has operations in 10 countries and offices
in Denmark, Norway, Sweden, and the UK. Find out more at
www.cybercomgroup.com
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About Us

Cybercom is an IT consulting company that assists leading companies and organisations to benefit from the opportunities of the connected world. The company’s areas of expertise span the entire ecosystem of communications services. Cybercom’s domestic market is the Nordic region, and in addition the company offers global delivery capacity for local and international business. Cybercom was founded in 1995. Find out more at www.cybercom.com.